Dogecoin price rolls past $0.4 as trading debuts on Coinbase Pro

Published June 3, 2021 | Updated June 3, 2021

In Brief
  • Coinbase Pro supports Dogecoin’s trading set to start on June 3.
  • The meme coin reacted positively as investor sentiment improved.
dogecoin

Dogecoin price rolls past $0.4 as trading debuts on Coinbase Pro

  • Coinbase Pro supports Dogecoin’s trading set to start on June 3.
  • The meme coin reacted positively as investor sentiment improved.

Dogecoin has since mid-this week spiked incredibly, allowing bulls to regain some of the ground lost in May’s massive cryptocurrency crash. Dogecoin dropped to $0.21 before making a brief recovery, stepping above $0.4. However, it retreated and remained relatively consolidated between $0.28 and $0.35.

Coinbase Pro adding support for trading DOGE was a breath of fresh air to the popular meme coin. Investors welcomed the move with open arms, interpreting the event as validation of legitimacy. Moreover, some investors believe that Dogecoin could start being accepted as payment on many platforms, encouraging mainstream adoption.

Investors started depositing DOGE to Coinbase Pro addresses on June 1, but trading will commence on June 3 to allow for liquidity building. Several crypto and fiat pairs are available for buying and selling the meme coin.

Dogecoin settles above key technical levels

Following the upswing triggered by the listing news, Dogecoin extended the bullish leg significantly above $0.3. The 100 Simple Moving Average (SMA) and the 50 SMA hurdles have been overcome, allowing the up leg to stretch past $0.4.

DOGE/USD 12-hour chart

DOGE/USD price chart
DOGE/USD price chart by Tradingview

At the time of writing, DOGE trades at $0.42 while embracing the 50 SMA as immediate support. The Moving Average Convergence Divergence (MACD) shows that the trend is in the bulls’ hands. With the MACD swinging into the positive region and widening the divergence from the signal line, Dogecoin is bound to soar past the immediate hurdle at $0.45 and perhaps set the pace for gains eyeing $0.6.

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Dogecoin intraday levels

Spot rate: $0.42

Trend: Bullish

Volatility: Low

Support: $the 50 SMA and $0.35

Resistance: $0.45 and $0.6

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 995 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
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